Steven J Miller & Co in Erskineville | Accountant

Steven J Miller & Co

Locality: Erskineville

Phone: +61 2 9560 3777

Address: 18-20 Victoria St Suite 101 2043 Erskineville, NSW, Australia

Website: http://www.stevenjmiller.com.au

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19.01.2022 Catch-up concessional contributions If your superannuation balance is less than $500,000 you will be able to make additional concessional contributions if you have not reached your concessional contributions cap in previous years. Amounts are carried forward on a rolling basis for a period of 5 consecutive years, and only unused amounts accrued from 1 July 2017 can be carried forward. The measure will also apply to members of defined benefit schemes. Date of effect: 1 July 2017.

17.01.2022 Binging on Christmas expenses It’s easy to spend too much at Christmas. If you are splurging on clients, to be a legitimate business expense and therefore deductible, the expense has to be related to how your business generates income. So, excessive expenses may draw the attention of the regulators and the deduction denied. If you are hosting client functions, inviting them to lunch, or to your Christmas party, entertainment costs are not deductible. ... For staff, if you really want to avoid tax on your work Christmas party then host it in the office on a work day - that way, it’s likely to be exempt from Fringe Benefits Tax (FBT) regardless of what you spend per person. But, if you are hosting a work Christmas party outside of the office, keep expenses under $300 (GST incl.) per employee to stay under the FBT minor benefit exemption threshold. So, post Christmas party taxi travel expenses, the cost of the Christmas party itself (including meals, drinks and entertainment etc.,) will all be exempt from FBT as long as the cost is kept below $300 per employee. But, employers cannot then claim a deduction for the Christmas expenses or claim GST credits. Christmas gifts for the team should also be kept to under $300 (GST incl.) to ensure they do not incur FBT. Employers can claim a deduction for ad hoc Christmas gifts as long as they do not relate to entertainment. Post Christmas regrets February is when a lot of businesses pay their Activity Statements. Avoid Christmas cashflow hangovers. Make sure you protect your position and stay on top of not just Christmas expenses but debtors, stock, and staffing costs.

16.01.2022 Budget 2016/17 Lifetime cap on non-concessional superannuation contributions The Treasurer handed down the 2016/17 Federal Budget at 7.30 pm on Tuesday 3 May 2016. The Budget introduces a series of dramatic changes to the concessional tax status of superannuation. A lifetime $500,000 non-concessional contributions cap will be introduced from Budget night.... The current system of annual non-concessional contributions of up to $180,000 per year (or $540,000 every three years for individuals aged under 65), will be replaced with this new lifetime cap. The lifetime cap will take into account all non-concessional contributions made on or after 1 July 2007 and will commence at 7.30 pm (AEST) on 3 May 2016. Contributions made before commencement will not result in an excess. However, excess contributions made after commencement will need to be removed or will be subject to penalty tax. The cap will be indexed to average weekly ordinary time earnings. After-tax contributions made into defined benefit accounts and constitutionally protected funds will be included in an individual’s lifetime non-concessional cap. If a member of a defined benefit fund exceeds their lifetime cap, on-going contributions to the defined benefit account can continue but the member will be required to remove, on an annual basis, an equivalent amount (including proxy earnings) from any accumulation account they hold. The amount that could be removed from any accumulation accounts will be limited to the amount of non-concessional contributions made into those accounts since 1 July 2007. Contributions made to a defined benefit account will not be required to be removed. The lifetime cap is available up to age 74. Date of effect: 7.30 pm (AEST) on 3 May 2016 and applies to all non-concessional contributions made on or after 1 July 2007.

04.01.2022 Get the ATO App photograph your tax receipts WoW! The ATO app provides tax and superannuation help on the go! If you are an individual taxpayer, small business owner or self-managed superannuation fund trustee, the app allows you to access relevant tax and superannuation information and tools in one place. The app includes a range of features such as: Enrol and use your voiceprint for fast, easy and secure access to ATO online services and use your voice to verify your i...dentity the next time you use the app or phone the ATO; Record and manage your car trips, work-related expenses, gifts and donations and the cost of managing your tax affairs on the myDeductions tool; Search for lost super; Calculate the amount of tax to withhold from salary and wages payments; Work out key dates, and depending on your device, set reminders and alerts for tax and superannuation obligations; Use the business performance tool to compare your business with similar businesses in your industry; Access to online services, including myTax to lodge your income tax return and track its progress. The myDeductions tool provides individual taxpayers with a range of innovative features including: The ability to capture and classify work-related expenses, gifts and donations or the cost of managing your tax affairs; store photographs of receipts; and record car trips. (Please note the myDeductions tool is for individuals claiming work-related expenses as an employee. It is not for small business owners, including sole traders). The tool includes three tracking methods to record your car trips including GPS; Point to Point and Odometer. You can upload the completed deductions to the ATO who will pre-fill your individual income tax return or you can share your deductions data via email. It is important to stay up to date with the latest version of the app and to make sure that you record only one person's deductions per device. Never miss out on a deduction claim because of a lost or faded receipt again. Enter a few details, snap a photo and you are good to go. Simply download the ATO app now to start using the myDeductions tool it's that quick and easy. You can download the app from the ATO website. The ATO app is compatible with most smart phones and tablets using: iOS 7 and later Android OS 4.1 and later Windows Phone 8 and later. See more

01.01.2022 Australian Charities Report 2015 Last week, the Australian Charities and Not-for-profits Commission launched the Australian Charities Report 2015. The Australian Charities Report 2015 is the third of its kind, however it is the first to compare findings with previous years. The 2015 report found that: - Total income had grown 2% to over $134 billion... - Donations and bequests grew 2.4% to $11.2 billion - There are nearly 3 million volunteers - Nearly half of all charities are run solely by volunteers - 1.2 million Australians are employed by a registered charity (around 10% of the total workforce) - The majority (67%) of charities are small, with annual revenue of $250,000 or less. The full report, shorter summary reports, and the interactive data cube are available at australiancharities.acnc.gov.au. See more